Mumbai: Kotak Institutional Equities has expressed its trust in SBI Cards. The brokerage believes that it can be a good option for long-term investment. The stock has underperformed the benchmark index since March due to expensive valuations.
The brokerage firm has started offering its opinion on SBI Cards and Payment Services and has given it a target price of Rs 900, which shows a rise of around 7%. This sector is attracted to brokerage, which is expected to grow. According to this, SBI Cards can increase its hold in the market.
Kotak Institutional Equities said that positive reasons for revenue growth are increasing and the payments category has far fewer people. According to the brokerage, the company’s profitability is very good and solid parentage also reinforces it. In such a situation, the risk of expensive valuation is also reduced.
On Wednesday, SBI Cards & Payments shares opened up XX percent at Rs. After March 24, the stock has shown a rise of up to 37 per cent. The BSE Sensex has shown up to 80 per cent rise after a tremendous beating in February-March.
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